GOLD waiting for a chance to reverse
Today's world gold price listed on Kitco is at 1,946 USD/ounce, up 7 USD compared to early yesterday morning. Precious metals inched up slightly as investors waited for US inflation data this week to evaluate the interest rate roadmap of the US Federal Reserve (Fed).
If data shows higher-than-expected inflation, gold is likely to fall again as that increases the likelihood of another interest rate hike, experts said. However, if the data is right, gold could trade at $1,950.
Gold fell 3% last week and lost more than $60 as safe-haven demand cooled and as Fed Chairman Jerome Powell's hawkish comments pushed back any expectations of interest rate cuts.
If data shows higher-than-expected inflation, gold is likely to fall again as that increases the likelihood of another interest rate hike, experts said. However, if the data is right, gold could trade at $1,950.
Gold fell 3% last week and lost more than $60 as safe-haven demand cooled and as Fed Chairman Jerome Powell's hawkish comments pushed back any expectations of interest rate cuts.
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